Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of McMoRan Exploration
So what: Oil-related stocks have taken a drubbing in recent days as the price of oil took a nosedive, but today is payback. The market has moved higher, and the price of oil has climbed 5.4%, pushing oil stocks considerably higher.
Now what: The price of oil has driven oil and gas stocks all over the place for the past week, and today they're just following oil's path upward. Since the move isn't company-specific I wouldn't get too excited about McMoRan by itself today.
But as a whole I think oil and gas stocks are very attractive based on the fact that oil prices are so low and are unlikely to stay depressed for long.
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